The Nifty bank index fell 3.2%, while the metals index dropped 3.9%
Axis Bank lost 5% while SBI, ICICI Bank and IndusInd Bank fell between 3% and 4%.
Indian stock markets ended lower today amid strong selling pressure in banking and metal stocks. The blue-chip NSE Nifty 50 index fell 1.5% to 14,371.90 while the Sense slumped over 700 points to 48,878. It was the single-day biggest fall in Sensex since the 3% correction on December 21. Global shares today slipped from record highs today as investors took profits after a recent rally.
Here are 10 things to know about today's market performance:
1) Reliance Industries fell 2.3% ahead of its December quarter earnings after its sharp gains earlier this week. Bajaj Auto surged 10.4% after strong quarterly results.
2) The Nifty bank index fell 3.2%, while the metals index dropped 3.9%. Axis Bank lost 5% while SBI, ICICI Bank and IndusInd Bank fell between 3% and 4%.
3) The India VIX index rose 1% to 22.42.
4) "The Nifty seems to have begun the pre-Budget correction. Though the week on week loss is just 0.43%, the sentiments are dented severely going by the sharply adverse advance decline ratio. 14049-14098 is the support band for the Nifty," said Deepak Jasani, Head of Retail Research, HDFC Securities.
5)Ajit Mishra, VP - Research, Religare Broking Ltd, said:"The recent underperformance from the banking pack might derail the momentum if it continues next week as well"
6) "On the benchmark front, we feel a decisive break below 14,200 in Nifty could result in further slide else we will see range-bound sessions ahead. Amid all, there’ll be no relief from the volatility front due to the prevailing earnings season and upcoming derivatives expiry. We thus strongly advise keeping a check on naked leveraged positions and waiting for further clarity," he added.
7) "We can expect volatility to remain high next week also as there will be the monthly expiry and it will be the last week before the Union Budget. Earnings print is coming good and we are seeing more upgrades than downgrades. Nifty-50 could remain in the 14,000-15,000 range till budget and any break-out or break-down from this range could be seen post budget," said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
8) Global stock markets and U.S. futures retreated Friday after a resurgence of coronavirus infections in China and a rise in cases in Southeast Asia.
9) China, where the pandemic began in late 2019, has reimposed travel controls after outbreaks in Beijing and other cities.
10) The Chinese government has called on the public to avoid gatherings and travel during the Lunar New Year holiday, normally the year's most important family event. (With Agency Inputs)